Exeter Chiefs will gain an extra £600,000 per season after buying Leeds' shares in the Premiership of £5million.

The Chiefs became one of 13 holders of 'P' shares which will entitle them to the additional cash from Premiership Rugby's central funding. Exeter chairman and chief executive Tony Rowe says the extra money will go to head coach Rob Baxter to strengthen the playing squad.

"As much of the extra income as possible will go into the playing budget. I'm sure Rob will have targets in mind to sign," he told the Rugby Paper.
For the second successive season Exeter posted a profit and they are one of only four clubs to be in the black. They also hope to have plans approved next month to redevelop Sandy Park into a 20,000-seater stadium.

Exeter had the option to secure 'P' shares from either Leeds or Bristol as both clubs have been outside the top flight for more than a year.

Leeds chief executive Gary Hetherington said: "We didn't want to sell our 'P' shares but we had no choice in the matter. If we go back in the Premiership we will need the 'P' shares, which is why we will ring fence that money until such time as we return to the Premiership. Then we'll look to repurchase those shares from the relegated club."